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@Olly398
My speculation is thus (based on observations over the last 9 years in Clapham/Brixton area):
If you are in it for the long haul, it's sensible to buy. You can't opt out of housing, so you may as well invest in it if you are able.
This current period of rampant rises will - has to - cool off, but crash I'm not so sure. London property doesn't attract so much foreign investment for nothing, ya know.
After the last 'bubble' that I recall, in late 2007, prices in my area dropped by 10-15%. They sat there for the last few years not doing a lot, and skyrocketed in the last eighteen months.
You need to be comfortable not only with tucking money away for a while, but that you will not need to pull it out* in a hurry (very subtle difference). Caveat emptor and all that regarding any given property of course.
*of property; if you move house and the market is down, you should get a good deal on your forward purchase